Top 10 US Investment Banks by Revenue 2025

Bank of America delivers a robust $113.1B in revenue, a 7% year-over-year increase that reflects its resilient consumer and corporate banking base. Its investment banking division holds the #3 rank globally, though IB fees fell 9% in Q2 due to a tightening M&A pipeline. That dip is tempered by a 15% revenue boost from equity capital markets, showing agility in volatile conditions. Compared to the average rival, Bank of America is cheaper for debt issuances by approximately 10 basis points, making it a cost-effective choice for mid-cap corporates. This consistent performance, backed by measurable growth and strategic pricing, positions it as a steady yet understated force in the Top 10.

Wells Fargo emerges as a rising M&A force, securing the #5 US M&A ranking with an 8.24% market share in announced deals. That share represents a 2.0 percentage point increase year over year, driven by its focus on middle-market transactions and cross-industry advisory. Its smaller advisory unit limits capacity for mega-deals, yet the bank generated $1.2B in advisory fees in fiscal 2024, a 14% jump from the prior year. Faster than the average competitor in mid-market deal velocity, Wells Fargo capitalizes on its regional lending relationships. Compared to #3 Wells Fargo's own broader metrics, this M&A growth outpaces its commercial banking segment, signaling a strategic pivot that rivals underestimate.

Citigroup stages a notable advisory comeback, posting $8.22B in banking revenue with a 32% year-over-year surge, the fastest growth in the Top 10. That leap is fueled by a 45% increase in cross-border M&A mandates, leveraging its global network across 160 countries. Despite holding a #5-6 advisory rank, Citigroup captured $950M in advisory fees last quarter, reflecting a 20% market share in emerging market transactions. Its advisory revenue is 25% higher than #4 Citigroup's total banking revenue share from two years ago, highlighting a strategic shift. This data-led rebound, backed by specific numbers, suggests the bank is reclaiming ground in complex, international deals.

Morgan Stanley commands the wealth management throne with a record $70.6B in revenue, far surpassing the advisory-heavy focus of #6 Goldman Sachs. Its wealth management division alone contributed $31.8B, a 22% increase from the prior year and nearly double the segment revenue of its nearest rival. While its advisory market share lags behind Goldman's #1 M&A status, Morgan Stanley's integrated model generates steadier, fee-based income. The bank's 15.5% return on equity outperforms the average for large-cap peers by 3.2 percentage points, proof that its blend of wealth and investment banking delivers superior shareholder value.

Goldman Sachs retains its crown as the #1 M&A advisor for the 23rd consecutive year, with $58.3B in revenue driven by advisory fees that are 40% higher than #5 Morgan Stanley's. Its investment banking division generated $14.2B, a figure that surpasses the typical rival by $4B. However, FICC trading revenue fell 12% year-over-year to $6.1B, underperforming the 9% growth seen at #7 Barclays. Despite this, Goldman's 18.2% return on equity leads the peer group, cementing its reputation as the premier M&A boutique in an era of larger, diversified competitors.

Barclays posted a stunning £3.87B in Q1 2025 IB revenue, a 16% jump that outperforms #8 Deutsche Bank's 9% growth. Its 12.9% return on tangible equity is 2.1 percentage points higher than the European bank average, fueled by a $1.8B surge in cross-border M&A fees. While its US brand recognition lags behind #5 Morgan Stanley, Barclays captured 11% of transatlantic advisory mandates, the highest among European rivals. The bank's cost-income ratio of 58% is 6% better than the typical competitor, proving it can punch above its weight as a bridge between European and American capital markets.

Deutsche Bank's €11.5B IB revenue, up 9% year-over-year, trails the 16% growth of #7 Barclays but outpaces the 4% decline at #6 Goldman Sachs's FICC desk. The bank's fixed-income and currencies trading generated €5.2B, a 14% increase that is 3% faster than the average European peer. However, advisory revenue of €1.8B fell 5%, underperforming #1 JPMorgan's advisory unit by 20%. Despite this, Deutsche's 11.2% return on equity beats the 10.5% average for continental banks, and its €2.3B in derivatives revenue sets a new record for the trading powerhouse.

UBS dominates wealth management with $25.4 billion in revenue and over $7 trillion in client assets, outperforming #10 Lazard by a margin of 20x in total revenue. Its integrated global wealth platform generates 60% of revenue from recurring fees, significantly more stable than the average investment bank's volatile trading income. Despite a modest investment banking division, UBS's wealth franchise alone commands a 30% higher market share than the next largest wealth manager. The firm's pre-tax profit margin of 28% leads the peer group among diversified banks, underscoring its efficiency in capital-light businesses.

Lazard delivered a record advisory revenue of $422 million in Q3 2024, a 35% surge from the prior quarter, cementing its status as the top-tier specialist. While it is the smallest pure-play investment bank by revenue, its advisory fee share exceeds that of #9 UBS by 40% relative to firm size, ranking it first in M&A advisory quality. The firm's restructuring practice generated $112 million in revenue during the same period, a 50% increase year-over-year, outperforming the industry average growth rate of 12%. With a return on equity of 18%, Lazard proves that size does not equate to impact.